Free Bird Carpentry is required by their bank to have a minimum balance of $8,000 in their account at all times. On December 31st the company had a cash balance of $10,000 and had no short term loan balance. If borrowing is required, it bears interest at 10% per annum calculated on the month end balance from the previous month. Complete the cash budget for January and February and determine the outstanding short term loan balance at February 28th. January February Fixed operating expenses 104,000 104,000 Variable operating expenses 59,000 Short term interest Cash payments 46,000 W Cash receipts Cash payments January 145,000 February 159,000 January February Fixed operating costs 104,000 104,000 Variable operating expenses 59,000 46,000 Short term interest Cash payments I January February Cash receipts 145,000 159,000 Cash payments